Today's panic index is 63, still in a state of greed.

Conflicts are still ongoing, so the market is hesitant to surge; those holding Bitcoin can continue to do so, as it won't drop much.

Currently, ETH has become the focal point of capital flowing against the trend. On-chain data reveals that most institutions and whales are "increasing positions to protect the market." The stable ascending channel pattern is still maintained, and combined with seasonal corrections and expectations for year-end investment strategies, multiple signals support a breakthrough rise for ETH by the end of 2025. The trend towards institutionalization is gradually pushing ETH into the mainstream investment market. Therefore, the current cost-performance ratio of ETH is higher than that of Bitcoin, so it’s good to gradually enter the market at 2500-2300-2000.